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VANCOUVER, Jan. 9, 2017 /CNW/ - Mr. Michael Hudson announces that, in connection with a financing announced by Mitchell Resources Limited ("Mitchell"), he has acquired control over 2,760,792 common shares of Mitchell (each a "Mitchell Share") on January 6, 2017, through Elwood Partners Discretionary Trust ("Elwood Partners"), a family trust of which Mr. Hudson is the trustee. The issue price per Mitchell Share is $0.075 Canadian dollars. The Mitchell Shares acquired by Elwood Partners represent 12.77% of the issued and outstanding Common Shares of Mitchell.
Mr. Hudson previously held 201,000 Options of Mitchell. Assuming exercise of the Options, Mr. Hudson held 1.77% of the outstanding Common Shares of Mitchell. After giving effect to the acquisition of the Mitchell Shares, Mr. Hudson holds 2,760,792 Common Shares representing approximately 12.77% of the outstanding Common Shares of Mitchell or 13.57%, assuming exercise of the Options.
Mr. Hudson acquired the Mitchell Shares for investment purposes only and not with a view to materially affect control of Mitchell. Mr. Hudson became the Chairman, CEO and a director of Mitchell on January 6, 2017.
In the future, Mr. Hudson may take such actions in respect of his holdings in Mitchell as he may deem appropriate, depending on the then market conditions and circumstances.
This press release is not an offer or a solicitation of an offer of securities for sale in the United States. The securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold in the United States or to U.S. Persons absent registration under the U.S. Securities Act and applicable state securities laws or an applicable exemption from such registration requirements.
SOURCE Mitchell Resources Ltd.
For further information: or to obtain a copy of the Early Warning Report filed by Elwood Partners on SEDAR under Mitchell's profile, please contact Mr. Hudson at 1.604.699.0202.